Obtaining a Reverse mortgage is increasing in popularity with individuals 62 years of age or older can use to turn the equity in their home into cash. It is very important for an individual to understand a reverse mortgage, their ramifications, and the alternatives. Our site will provide an overview of how to obtain a reverse mortgage. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage or HECM, and is only available through an FHA approved lender.
The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both. You can also use a HECM reverse mortgage to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM reverse mortgage proceeds and the sales price plus closing costs for the property you are purchasing.
The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both. You can also use a HECM reverse mortgage to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM reverse mortgage proceeds and the sales price plus closing costs for the property you are purchasing.
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